So far I have found that ToS Papermoney with its analysis tools and a good volatility scanner has been enough for me to get a grip. There's a lot more to learn in this options game I know...but it's starting to click. This is a lot different than trading outrights like I've been doing the past couple years.
Strictly, you are right, more than 100% is possible if leverage is used which it is. In practical terms though you can make e.g. 200% on a small move in an index with index ETF options but to do that with 50% margined index ETF the index would have to go to zero.